What is a Good Credit Score?

Whether you’re applying for a loan or credit card, renting an apartment or looking for a new job, it pays to have good credit.

The best way to gauge the health of your credit is through your credit score. And while landlords and employers typically can’t see this three-digit number when they check your credit—lenders can see it—your credit score can give you an idea of whether or not they’ll like what they see.

As a result, it’s critical that you know what your credit score is, and whether it’s in a good place or not.

Credit Score Ranges

There are several different credit scoring models out there, but FICO and VantageScore are the most important ones. According to FICO’s website, 90% of the top lenders use its score in credit decisions. But if you’ve ever checked your credit using Credit Karma, NerdWallet or Quizzle, you’ll see a VantageScore.

Depending on the type of credit score you’re looking at, here’s what the ranges look like:

FICO score

Exceptional: 800 to 850

Very good: 740 to 799

Good: 670 to 739

Fair: 580 to 669

Poor: 300 to 579

VantageScore

Super prime: 781 to 850

Prime: 661 to 780

Near prime: 601 to 660

Subprime: 500 to 600

Deep subprime: 300 to 499

As you can see, the ranges don’t line up exactly, but they’re similar enough to know if you’re in the same ballpark.

How Many Credit Scores You Really Have

Since most of the top lenders use the FICO score, it’s more important that you know that score than the VantageScore. But even if you do have access to your FICO score, the chances are that it’s not the same score that lenders see.

That’s because FICO has about 50 different credit scoring models that lenders can use. There are two reasons for this:

FICO updates its scoring models over time to improve its ability to predict credit risk. Its latest model is the FICO 9 score. But lenders aren’t required to upgrade to the newest version when it’s released, so some lenders may still be using past versions.

Lenders have different criteria depending on the type of credit you need. For example, if you were to apply for a mortgage, they’ll have a different standard than if you were applying for a credit card. As a result, FICO offers a basic score, an auto score, a bankcard score and a mortgage score.

Your FICO score can also differ depending on which credit bureau’s data the score is based on. For example, Experian may store elements of your credit history differently than Equifax and TransUnion. Also, one credit bureau may have made an error where the other two didn’t.

Consequently, there’s no way to know whether the score you’re looking at is the same as the one the lender sees. But in general, unless there’s an error on one of your credit reports, all of your FICO scores will be in the same range of scores.

Where to Get Your FICO Score

To improve your chances of knowing what your credit score is, you can triangulate it using different sources.

You can get your FICO score from all three credit bureaus through MyFICO.com, but you’ll have to pay $29.95 per month to get it. The good news is that some institutions offer access to your FICO score for free.

For example, Discover offers a FICO score based on Experian data for free through its Credit Scorecard tool. You don’t even need to be a Discover customer to register.

You can also get free access to your FICO score through various credit cards. Here’s a list of some of the top credit card issuers and which credit bureau they use.

3 Ways to Improve Your FICO Score Now

Once you check your FICO score, compare it with the ranges above to see where it stands. If you’re not where you want to be, here are three things you can do now to improve your score.

1. Pay off some debt

How much you owe makes up 30% of your FICO score. And if your debt load is large relative to your income, it could be hurting your credit score.

This is especially the case if you have high balances on your credit cards. Your credit utilization, which is calculated by dividing your balance by your credit limit, should be below 30% to avoid it damaging your credit score.

2. Become an authorized user on someone else’s credit card

When someone adds you as an authorized user on their credit card account, you essentially inherit the full history of that account. So, if the account has a good payment history, you’ll get the benefits as soon as the credit card company reports your relationship to the credit bureaus.

Only do this with someone you trust, preferably a family member. Also, be sure to ask them about their payment history with credit utilization before they add you. The last thing you want is to be surprised with the effects of a poor track record.

3. Find and address errors on your credit report

If your credit score is low and you don’t think you’ve done anything to deserve it, get free copies of your credit reports through AnnualCreditReport.com and check for errors. If there is something amiss, you can contact the credit bureaus and the lender involved to dispute the error. Here’s where you can go to start that process:

The bottom Line

Your credit score is a critical element of your overall financial health, so knowing where it stands could be just as important as knowing your blood pressure.

Since there are so many credit scores out there, however, do your due diligence and get yours from as many sources as possible. This won’t guarantee that you’ll see what lenders see, but you’ll be as close as possible.

ABOUT THE AUTHOR

Ben Luthi is a freelance writer who shares his thoughts about credit cards, insurance, student loans, and other personal finance topics. His work has appeared in publications like USA Today, The Christian Science Monitor, NerdWallet, Money, and more. Learn more about Ben Luthi

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Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.